Nan Fung Group founder Chen Din-hwa, 88 (pictured), one of the wealthiest men in Hong Kong, and his wife reached an agreement yesterday on their divorce.

Judge Wong King-wah approved the couple's application for divorce by consent a few hours after an hour-long closed door hearing in the Family Court.

Chen's wife, Yang Foo-oi, 86, filed an ex parte (done by, for, or on the application of one party alone) divorce proceeding in December 2009. In approving the application to divorce by consent yesterday, Wong dismissed that earlier application. Outside the court, Chen's lawyer Johnny Mok Shiu-luen SC said the matter was concluded.

'The parties have agreed to a divorce by consent based on the ground of one-year separation,' Mok said in a statement. 'The detailed terms of the divorce will remain confidential.

'It is considered that this agreement is in the best interests of the parties and is also beneficial to the family of Mr Chen Dinhwa and Madam Yang Foo-oi as a whole,' the statement said. Chen and Yang have two daughters. Neither attended the court proceeding.

Neither Mok nor Yang's lawyer, Benjamin Yu SC, commented on a separate lawsuit filed by Yang against the couple's daughter, Chen Wai-wai, in November in a dispute over property. Yang alleged misrepresentation, undue influence and breach of contract in relation to properties involving Chen Din-hwa, Yang, Chen Wai-wai, and Chen Wai- wai's sister. The case has been adjourned several times and a full hearing has yet to occur. Chen is reported to be worth US$3.8 billion.